Tata Power
Tata Power posted a turnaround performance for Q4FY15. It posted a consolidated net profit of Rs.159 crore v/s loss of Rs.145 crore in Q4FY14. This was despite a 7% drop in total income at Rs.8240 crore.
The company has explained that the decrease in total income was on account of lower realisation in coal companies and lower revenue from Trombay Units. While net profit jumped up due to favourable impact of forex in VAT settlement & in coal companies, favourable impact of tariff order in MPL and CGPL's higher contribution due to reduced coal prices and lower depreciation. Consequently, EBITDA has shown a marked improvement; up 8% at Rs.1962 crore and margins have come in pretty strong at 23.8% v/s 20.5%.
Total expenses have fallen 12% and this has been led by 20% drop in cost of power purchased, 13% drop in cost of fuel, 30% fall in raw material cost, royalty paid to coal mining dropped 27% and the biggest decline- a 48% drop in coal processing charges. Forex loss during the quarter stood at Rs.99 crore. The company’s interest outgo is pretty gargantuan at Rs.902 crore for Q4 and Rs.3699 crore for FY15. Debt as at 31st March 2015 (LT+ST borrowing) stood at Rs.37,200 crore.
The company ended FY15 with a 4% lower consolidated total income at Rs.34,337 crore and this was on account of lower realization from coal and lower revenue from Trombay unit. But it ended the year with a PAT of Rs.168 crore v/s loss of Rs.260 crore in FY14.
This is Tata Power’s 100th year of existence, which is no small deal. And during the year, it commissioned 126 MW Dagachhu Hydro Power plant in Bhutan and achieved financial cosure for its 187 MW hydro plant in Georgia, along with IFC, ABD and EBRD. It is acquiring 50% stake in 120 MW hydro power plant in Zambia.